Vinik closer to Channelside purchase

Jeff Vinik, along with his investment group, is the last man standing in the bid to own the Channelside entertainment complex.

Bill Wickett, executive vice president of communications for the Lightning, say they beat out two other groups.

"Mr. Vinik has been chosen by the bank that owns the structure there to purchase the structure. And the Port Authority has to approve and do a lease deal with that ownership group."

So unless there's push back from the Port Authority board, Vinik will become the new owner of Channelside. He is now finishing up paperwork with the bank.

Within 30 to 60 says, he's expected to bring the plans to the Port Authority board for approval.

"We're trying to keep everything from a planning standpoint in direct negotiation or discussion with the Port Authority. We believe the more private we can keep it, the better," explained Wickett.

The Channelside entertainment area has been in trouble for years after the former owner defaulted on it's $26-million loan.

Mayor Bob Buckhorn says Vinik is the right fit.

"Jeff Vinik has proven to be a great corporate citizen, He puts his money where his mouth is and doesn't ask for anything in return."

Business owners in Channelside have been waiting for a new owner. Terry Riney hopes it'll have impacts throughout the Channel District.

"Anything that happens there, is going to be good for the area," offered Riney.

Riney opened Be Seen Dry Cleaning two and a half years ago in the Grand Central of Kennedy. This past January, he added another business, Eleven Twenty Cafe Bistro.

He hopes Vinik will bring more to this urban community.

"Everybody wants to live here and dine here and spend here. But we need all the services here. There's not a grocery store here yet, there's not a bank in the area."

We'll know more in 30 to 60 days when we see Vinik's presentation to the Port Authority.